One person's experience can indeed benefit you. But you can run through several different experiences in the particular field of interest, by reading books and pieces in which those people describe their experience.
Is this not more time-efficient than being hand-held by an old sage?
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No, because the mentor can also network you with the right people as part of the relationship. it's more 3-dimensional than a book, which is a passive way to learn.
I agree on that, a mentor will introduce you to his peers but only if he feels it is worth that he introduces you to them.